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Business > Unit 8 - Income Elasticity Of Demand KW > Flashcards

Unit 8 - Income Elasticity Of Demand KW Flashcards

1
Q

Discretionary expenditure

A

Non-essential spending or spending that is not automatic

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2
Q

Income elastic demand

A

The percentage change in demand for a product is proportionately greater than the percentage change in income

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3
Q

Income elasticity of demand

A

The responsiveness of demand to a change in income

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4
Q

Income inelastic demand

A

Where the percentage change in demand is proportionately less than the percentage change in income

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